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Loews Corporation Message Board

  • bluecheese4u bluecheese4u Apr 30, 2012 3:42 PM Flag

    Loews Corporation Reports Net Income of $367 Million for the First Quarter of 2012

    Loews Corporation Reports Net Income of $367 Million for the First Quarter of 2012

    Net Income Per Share of $0.92

    Book Value Per Share of $48.96, an Increase of 3.4% from December 31, 2011

    NEW YORK--(BUSINESS WIRE)--Apr. 30, 2012-- Loews Corporation (NYSE:L) today reported net income for the 2012 first quarter of $367 million, or $0.92 per share, compared to $379 million, or $0.92 per share, in the 2011 first quarter. Book value per share increased to $48.96 at March 31, 2012 from $47.33 at December 31, 2011.

    The decrease in net income is due to lower earnings at Diamond Offshore Drilling, Inc. and HighMount Exploration & Production LLC. These decreases were partially offset by higher earnings at CNA Financial Corporation and increased parent company investment income.

    CNA’s earnings increased as a result of higher investment income primarily due to an increase in limited partnership results and higher fixed maturity securities income and lower catastrophe losses.

    Diamond Offshore’s earnings decreased due to lower utilization primarily from fewer revenue earning days and higher contract drilling expense that reflects the higher cost of operating rigs internationally rather than domestically.

    HighMount’s earnings decreased due to a non-cash impairment charge related to the carrying value of its natural gas and oil properties. This charge was the result of declines in natural gas prices. The results in 2012 also reflect lower production volumes and prices as compared to the prior year period.

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